AKIPRESS.COM - South Korea and Mongolia discussed ways to accelerate negotiations for a bilateral comprehensive economic partnership agreement (CEPA), Yonhap reported, citing Seoul's trade ministry. The agreement is expected to deepen critical minerals cooperation between the two countries.

Director general for trade negotiations at the Ministry of Trade, Industry and Resources Kwon Hye-jin visited Mongolia to meet with trade and resources officials, including Batkhuu Idesh, who heads Mongolia's CEPA negotiation team.

South Korea and Mongolia had held four rounds of CEPA negotiations until November 2024, but the talks have stalled due to concerns within Mongolia over market opening and differences over details in agreement on goods and rules of origin, according to the ministry.

In Tuesday's meeting, Kwon called for efforts to bridge difference in those areas, while proposing that the two countries include critical mineral supply chain cooperation in CEPA talks, the ministry said.

Mongolia holds abundant deposits of critical minerals, such as copper, molybdenum and rare earths, making the country a promising partner for Seoul's supply chain cooperation, according to the ministry.

"Mongolia is an emerging market where Korean companies are actively expanding their business and also an important partner for resource cooperation," Kwon said in a press release, vowing efforts to accelerate CEPA negotiations with the country.